As we head into the final week of May, traders have shifted their attention to a series of high-impact macro releases, which are expected to shed further light on hot topic of rising inflation. These include; Consumer Confidence, U.S Q1 GDP, Personal Income and Spending figures as well as the Fed’s preferred inflation measure – PCE data.
Last week, Minutes from the Federal Reserve’s recent policy meeting showed a very dovish tone from the central bank. While a number of policy makers have expressed concerns about rising inflation – the general consensus is that the Fed will continue to allow inflation to run hotter than its traditional 2% goal as it pursues full and inclusive employment.
With Gold prices back in striking distance of the $1900 mark, this week data will be very closely watched. Weaker-than-expected data will be positive for the price of Gold, Silver and other commodities.
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions: